- GBP / USD continues to decline after rejection above 1.3600 on Tuesday.
- In minutes, US employment and inflation data.
- The dollar arrives with some force in the market, supported by yields and recovery after days with declines.
The GBP / USD is falling on Wednesday for the second day in a row, continuing the pullback after momentarily trading above 1.3600 on Tuesday. The pair hit two-day lows at 1.3490 and the US data preview is trading at 1.3510.
The greenback rebounds after falling for a few days, driven in part by a rebound in Treasury yields. Key US data will be released in minutes, including retail inflation for October. The Consumer Price Index is expected to show a rise of 0.4% (monthly). This data, together with that of unemployment benefit requests, could influence the expectations of the Federal Reserve’s monetary policy.
Recovery loses moment
The rebound from 1.3420 failed to regain the zone above 1.3570. In case of closing the day clearly above that level, the pound could be positioned for a bullish extension, which would gain more strength above 1.3600.
The current negative tone would remain in effect if a confirmation is given below 1.3500; which would enable an extension to the next relevant support at 1.3460, followed by 1.3440.
Technical levels
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